The CIPR’s income grew eight per cent to £4.05m despite a freeze on membership fees, while its expenditure grew by 5.2 per cent, slightly less than budgeted.

The body’s accounts show it plans to move out of its Russell Square headquarters at the end of the 10-year lease it took out in 2009.

It has started to set aside money each year, beginning with £75,000 from its 2013 surplus, to pay off an undeclared amount it faces in dilapidation charges when it moves out in 2019.

Its accounts also reveal it is in dispute with a company partly owned by a council member, Louise Jaggs, to which it paid £33,640 for the commissioning and hosting of a new customer relationship management system in 2013.

The dispute with the company, called On Tap Media, started at the end of 2013 and concerns the services provided and the terms of its contract.

Alastair McCapra, the chief executive, said: "2013 has seen a year of significantly better financial performance than forecast for the CIPR.

"While preceding years had seen an emphasis on maximising our cash reserves, the budget for 2014 sought to move the emphasis towards investing in infrastructure and capacity needed to advance the institute’s work."